Federal Reserve to Broaden This Year's Payment Survey

The payment survey which the Federal Reserve Bank does every three years will cover more of the payments industry than it has in previous years, the Fed's Retail Payment's Office has announced.

"While the Federal Reserve's 2013 Payments Study will continue to build upon trend information gathered in previous studies, this year's study casts a broader net across the evolving payments landscape," said Jim McKee, RPO senior vice president and the study's executive sponsor.

"The 2013 study will provide additional data on electronic payment methods, cash deposit and withdrawal information and, for the first time, limited third-party fraud information, in an effort to provide the industry with further insight on emerging trends," McKee said.

The 2013 Federal Reserve Payments Study consists of three survey efforts commissioned to estimate the annual number, dollar value and composition of retail noncash payments in the United States, the RPO said.

Taken together, the RPO said, the surveys will provide aggregate estimates and current trends in the use of payment instruments by U.S. consumers and businesses.

In previous years, the study has documented significant changes in the U.S. payments system over time, such as the continuing decline in the use of checks and growing use of electronic payments; the growth in automated clearinghouse and electronic banking transactions, and the use of credit cards, debit cards and stored value cards.

"The industry-wide participation in past studies has been extensive, appreciated and necessary in allowing us to continue to offer meaningful results," McKee said. "We hope to continue to garner robust industry support in this mutually beneficial effort.”